TSE: 4554 - Fuji Pharma Co., Ltd.

Price = Avg Price + (Avg Price * CAGR EPS% / 100)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — 关键利率
Excess Key Rate — 期望超出关键利率
EPS = 252.85
CAGR EPS = 30.46%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1380.5 + (1380.5 * 30.46% / 100) = 1800.93

Price = (DPS * (1 + g)) / (Cost Of Equity - g)
Price - 价格公道
DPS — 当期股息
g — 预期增长率
DPS = 42.5
g = 0.2595
Cost Of Equity — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 无风险回报率
β (beta) — 确定股票（资产）相对于市场的风险度量，并显示股票盈利能力变化相对于市场盈利能力变化的敏感性。
Risk Premium — 风险溢价——投资股票的风险溢价
Country Premium - 国家风险
k(f) = 2.39
β = 1.43
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 1.43 * 5.94 + 0 = 0.1087
Price = (42.5 * (1 + 0.2595)) / (0.1087 - 0.2595) = 354.82

Price = (Terminal Value + Company Value) / Count shares
Price - 价格公道
Terminal Value — 预测后期间的成本
Company Value — 预测期内的成本
Count shares - 股份数量
Terminal Value = Discount Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 24.7
Ebitda Yield = 0.1525
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - 偿债成本
Debt - 责任
Weight Debt - 相对于债务的资本权重
Weight Cost Debt - 债务权重相对于资本总额
Tax - 税
Interest Expense = 0.196
Debt = 29.25
Market Cap = 27.94
Weight Debt = Market Cap / (Market Cap + Debt) = 27.94 / (27.94 + 29.25) = 0.4885
Weight Cost Debt = 100% - 0.4885 = 0.5115
Tax = 0.21
Cost Of Equity — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 无风险回报率
β (beta) — 确定股票（资产）相对于市场的风险度量，并显示股票盈利能力变化相对于市场盈利能力变化的敏感性。
Risk Premium — 风险溢价——投资股票的风险溢价
Country Premium - 国家风险
k(f) = 2.39
β = 1.43
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 1.43 * 5.94 + 0 = 0.1087
WACC = (0.196 / 29.25) * (100% - 0.4885) * (1 - 0.21) + 0.1087 + 0.4885 = 0.5798
Terminal Value = Discount (24.7 * (1 + 0.1525) / (0.5798 - 0.1525)) = 188.6
Company Value = ∑ (24.7 / (1 + 0.5798) ^ 5) = 93.11
Price = (Terminal Value + Company Value) / Count shares = (188.6 + 93.11) / 24310000 = 11587.89

Price = (Terminal Value + Company Value) / Count shares
Price - 价格公道
Terminal Value — 预测后期间的成本
Company Value — 预测期内的成本
Count shares - 股份数量
Terminal Value = Discount FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 0.000317
FCF Yield = -1.27
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - 偿债成本
Debt - 责任
Weight Debt - 相对于债务的资本权重
Weight Cost Debt - 债务权重相对于资本总额
Tax - 税
Interest Expense = 0.196
Debt = 29.25
Market Cap = 27.94
Weight Debt = Market Cap / (Market Cap + Debt) = 27.94 / (27.94 + 29.25) = 0.4885
Weight Cost Debt = 100% - 0.4885 = 0.5115
Tax = 0.21
Cost Of Equity — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 无风险回报率
β (beta) — 确定股票（资产）相对于市场的风险度量，并显示股票盈利能力变化相对于市场盈利能力变化的敏感性。
Risk Premium — 风险溢价——投资股票的风险溢价
Country Premium - 国家风险
k(f) = 2.39
β = 1.43
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 1.43 * 5.94 + 0 = 0.1087
WACC = (0.196 / 29.25) * (100% - 0.4885) * (1 - 0.21) + 0.1087 + 0.4885 = 0.5798
Terminal Value = Discount (0.000317 * (1 + -1.27) / (0.5798 - -1.27)) = -6.5E-5
Company Value = ∑ (0.000317 / (1 + 0.5798) ^ 5) = 0.0468
Price = (Terminal Value + Company Value) / Count shares = (-6.5E-5 + 0.0468) / 24310000 = 1.92